|Property Type||Hotels & Hospitality,Hospitality|
JLL, in conjunction with RealINSIGHT Marketplace, is pleased to offer for sale the fee-simple interest in the 292-room Hilton Houston Galleria Area (the “Hotel” or “Property”). The full-service, 13-story Property was built in 1978, renovated in 2017, and features 192,181 NRSF, a restaurant and lounge, 12,112 square feet of meeting space, outdoor swimming pool, exercise room, sundry shop, guest laundry, and a business center. The current room-mix at the Property consists of 126 King, 141 Double Queens, 24 junior suites, and one Presidential suite.
The Hotel is well-located within the Houston Galleria market and sits adjacent to the I-69 / Southwest Freeway which accommodates roughly 371,000 VPD. Houston’s Uptown / Galleria area features one of the country’s largest business districts, containing significant office and retail properties nearby the subject site, as well as numerous restaurants and residential developments.
The Hotel, which is currently not operational, is being offered unencumbered by management and brand, providing new ownership with full optionality and the opportunity to drive performance through enhanced expense control, targeted renovations, or a potential reflag (the Property has been approved for DoubleTree conversion with PIP provided). Alternatively, a new owner may elect to convert the Hotel to a separate asset class (i.e. multifamily, office, military housing, etc.); it rests on a 5.267-acre site for which the city of Houston does not have a zoning ordinance, allowing for most commercial uses.
Exceptional Value-Add Opportunity to Acquire a Lender-Owned Property: The property is uniquely positioned for investors to continue to operate as a hotel, re-flag, or redevelop / repurpose the site.
Unencumbered Property: The Property will be delivered unencumbered by a Franchise and Management Agreement.
Unrestrictive Zoning: The city of Houston does not have a zoning ordinance, allowing for most commercial usage maximizing redevelopment potential.
Significant Discount to Replacement Cost: Remarkable opportunity to acquire the Hotel at a significant discount well below the cost of new construction.
Ample Parking: 367 parking spaces currently service the Hotel.
Brian Hughes | JLL Hotels & Hospitality Group | TX Lic. 774278 | 214-692-4720 | firstname.lastname@example.org